Trade deal will impact Toyota plant in Cambridge
Published Thursday, October 4, 2018 3:04PM EDT
The Minister of Science and Economic Development toured the Toyota manufacturing plant in Cambridge on Thursday.
Navdeep Bains addressed the newly-signed North American trade deal that was announced Sunday between Canada, the United States and Mexico.
The United States Mexico Canada Agreement, as President Trump called it in a tweet, was a hotly contested reconstruction of the North American Free Trade Agreement.
New rules of origin outlined in the agreement will directly impact Toyota in Cambridge.
Under NAFTA, auto makers were required to use 62.5 per cent North American-made parts.
The USMCA has raised that number to 75 per cent.
Companies will have three years to make the change.
Bains acknowledged that the transition period was of concern, but said that auto manufacturers and suppliers alike were on board.
“The bottom line is we secured a free trade agreement with Mexico and the United States,” said Minister of Science and Economic Development Navdeep Bains.